MEDICAL WASTE MANAGEMENT MARKET TO REACH USD 19.5 BILLION BY 2027 | CAGR 5.3% — FORENCIS RESEARCH
Global MEDICAL WASTE MANAGEMENT Market: Key Highlights
- According to the new market research report “Medical Waste Management Market by Form of Waste (Pathological Waste, Pharmaceutical Waste), by Waste Source (Medical Institutes, Dental Clinics), by Service (Collection & Segregation, Storage & Transportation), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2019 to 2027)”, the global Medical Waste Management market is projected to reach a value of over USD 19.5 billion, registering a CAGR of 5.3% within the forecast period
- Medical waste or healthcare waste can be referred to as any kind of the discarded material, which was previously used in the healthcare facility for diagnosis, treatment, research or any medical procedure
- Medical waste management deals with appropriate and safe disposable of the otherwise hazardous medical waste
- It involves procedures such as collection, handling, disinfection/sterilization, and disposal of the waste for minimizing the risk of infection
Global Medical Waste Management Market: Key Market Dynamics
- Growing prevalence of infectious disease leading to severe illness or even death in critical condition is driving the market growth
- Some of the other factors such as rise in surgical procedures, hazards of medical waste, along with strict mandates on appropriate medical waste disposal and management, propels the market growth
- High initial set up cost for both on-site as well as off-site medical waste management plant impacts the market growth negatively
- Adoption of advanced waste management technologies with the advent of IoT in waste management creates a window for market growth
- Low awareness along with lack of training acts as a challenge for the market growth
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Global Medical Waste Management Market: Regional Overview
- North America
The North America Healthcare industry is growing at an extremely rapid pace owing to rise in aged population, growing incidence of the chronic medical conditions with ongoing technological advancement with expanding of the healthcare system for treating the diseases. According to Center of Diseases Control and Prevention (CDC), six of the ten Americans are suffering from at least one chronic diseases. Increasing surgical procedures in the outpatient setting in the region further promote the generation of medical waste. This, in turn, drives the demand for medical waste management market. In 2018, the American Society of Plastic Surgeons (ASPS) stated that around 18 million people went surgical and minimally invasive cosmetic procedures in the United States alone.
In Asia-Pacific, the healthcare industry is showing a promising future owing to a rise in the elderly population more prone to diseases and disorders. According to the Economic and Social Commission for Asia and the Pacific, the number of the elderly population in the region is expected to grow till 1.3 billion by 2050. Countries such as China and India thrives in the number of the diabetic population, creating a higher demand for healthcare services. Changing lifestyle, rapid urbanization, increasing investment towards boosting healthcare infrastructure, sedentary lifestyles further promotes a large number of the population towards various chronic diseases. Booming medical tourism in the countries such as India, Thailand, Singapore, Malaysia, etc. further increasing the patient flow towards the region, increasing the overall medical waste.
Global Medical Waste Management Market: Key Players Overview
Stericycle is the Illinois-based waste management company established in the year 1989. The company aims towards safeguarding people through offering specialized medical and hazardous waste management and secure information services. The company offers regulated Waste and Compliance Services, Secure Information Destruction Services, Manufacturing and Industrial Services and communication and Related Services. Under Waste and Compliance services, it delivers Medical waste management services, Pharmaceutical waste services along with the Compliance programs and Retail and Healthcare, Hazardous waste and compliance solution.
- Waste Management Inc.:
Waste Management Inc. provides waste management service to the residential, commercial and industrial domain. The Company offers services including business waste & recycling pickup, roll-off dumpster rental, business waste compactors, waste streams, electronics recycling for office & retail, commercial property, government offices, restaurant chains, manufacturing plants, healthcare and pharmaceutical sector.
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